Bitcoin ETF Weekly Flows Positive, Ethereum ETFs Negative

• Bitcoin ETFs command $54.35 billion in net assets, or 4.65% of the Bitcoin market cap.
• Ethereum ETF funds hold $7.35 billion in net assets, or 2.34% of the Ethereum market cap.
• ETH ETFs traded $1 billion in value last week, down from over $4 billion in their first week.

US spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have seen one of their quietest trading weeks yet as the crypto markets continue to trade sideways.

Bitcoin ETFs

As per data from SoSoValue , Bitcoin ETFs saw $32.58 million in weekly net inflows, their lowest since launch.

It was a considerably muted week of inflows and outflows, with the largest day of inflows bagging just $38.9 million. There was just one day of cumulative net outflows, which saw $81.36 million exit Bitcoin funds.

Leading these losses was the Grayscale Bitcoin Trust (GBTC), which has been on a 12-day outflow streak totaling almost $700 million in exits since Aug. 1. This now brings the fund’s cumulative net outflows to $19.65 billion.

In terms of total value traded, Bitcoin ETFs saw a solid $7 billion for the week ending Aug. 16, down from $12.52 the week before. This would be the lowest it has been since the week ending July 12, when BTC had slipped under the $58,000 price  tag.

Ethereum ETFs

As per SoSoValue data, Ethereum ETFs  failed to establish a weekly inflow streak as they posted $15 million in net outflows amid crypto market uncertainty.

The week started on a positive note with a 3-day inflow streak that netted over $40 million in net inflows. Leading the pack, for the most part, was BlackRock’s iShares Ethereum Trust (ETHA), which netted inflows of around $75 million.

Far behind the rest was the Grayscale Ethereum Trust (ETHE), which broke a 14-day outflow streak at the start of the week, this was then followed by 4 consecutive days of outflows. In total, ETHE saw over $115 million in exits, ending the week with a cumulative net outflow of $2.41 billion.

It was considered a sign of better things to come, as ETHE was bleeding out so fast that some observers anticipated the $9 billion fund to be empty within weeks. Although persistent, Grayscale’s outflow rates have significantly declined.

ETH ETF Volumes

It looks like we are entering an unknown period. It was thought that institutional investors buy up Ethereum ETFs by the bundle during a market downturn, but this hasn’t happened.

Looking at Ethereum ETFs, the total value traded between Aug. 12 and Aug. 16 was $1.06 billion, almost half that of the previous week’s $1.87 billion. After their first week of launch, they traded $4.05 billion in value, although this was when the price of ETH was above $3,000.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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